Anshan Iron pays 1.46b yuan to raise stake in Panzhihua units
Anshan Iron & Steel Group spent 1.46 billion yuan (HK$1.67 billion) raising its stake in Panzhihua Iron & Steel Group's three Shenzhen-listed units to 10 per cent from 5.09 per cent between August 18 and Tuesday, according to filings with the Shenzhen Stock Exchange. The company had paid 1.33 billion yuan for the initial stake in Panzhihua New Steel & Vanadium, Sichuan Changcheng Special Steel and Chongqing Titanium. Anshan Steel is providing financial support for Panzhihua Steel's group restructuring plans which include injecting its production and mining assets into Panzhihua Steel then merging it with the other two listed units through a 7.29 billion share placement and swap deal. Carol Chan
Two more directors resign from troubled Tack Fat Group
Two more directors of financially troubled garment maker Tack Fat Group International - Lam Yick-sing and Norman Ho Yik-kin - have resigned, the company said in a filing to the Hong Kong stock exchange. Last month, three non-executive directors resigned, two of whom recently said the firm lacked a proper system of internal control to safeguard its assets. Jasmine Wang
China Dongxiang posts 95.6pc jump in first-half earnings
China Dongxiang (Group), a Beijing-based sportswear firm, saw net profit grow 95.6 per cent to 656.8 million yuan in the first half from the previous year. Turnover of the company, which mainly distributes Kappa and Rukka brands, increased 81.7 per cent to 1.4 billion yuan. An interim dividend of 2.71 fen per share and special dividend of 88 fen per share were declared. Kandy Wong